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ATLAS IRON FPO (AGO)

Atlas is an independent Australian iron ore company, mining and exporting Direct Shipping Ore from its operations in the Northern Pilbara region of Western Australia. Atlas is currently mining at an annualised export rate of 10Mtpa and is targeting exports at an annualised rate of 12Mtpa in 2014.

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Shares in the emerging Pilbara iron ore miner fell 4.5 per cent to $3.37 at 11.30am AEST despite the company saying it was on target to ship at a rate of 10 million tonnes a year during the September quarter.

It comes as the iron ore price hovers around a seven-month low of $US117 a tonne and as fellow iron ore producers take a battering on the local market.

Perth-based Atlas has previously said it believes the iron ore price will trade around $US120 to $140 a tonne over the medium to long-term. Analysts tip that it could trade lower than $US100 a tonne over the longer term.

Atlas aims to produce 12 million tonnes of iron ore a year by the end of this year and 15 million tonnes a year by the end of 2015.

In a statement, the company said it had received final state and federal mine environmental approvals to develop its Mt Webber mine.

"With the detailed joint venture negotiations progressing with its minority project partner Altura, Atlas is targeting referring the project to the Atlas board by 30 June 2013," the company said in the statement.

Atlas said it was on track to ship 2.2 million tonnes in the June quarter.

Construction at Atlas's new Abydos Mine is progressing on time and on budget. The company said it was well advanced in the development of its expanded port stockyards at Utah Point Yard 2 in Port Hedland.